'Force annuity firms to treat all customers equally'

Annuity providers should be forced to offer existing customers the same rates as those given to new customers, a leading insurer has said. 

Aviva called on the City regulator to force all pension providers to offer the same annuity rates to "internal" and "external" customers.

Internal customers are annuity buyers who took out their pensions savings product with the same insurer; external customers saved with a different company before using their pension pot to buy an annuity elsewhere. Those who do shop around are said in industry jargon to be exercising the "open market option".

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